Could you please let us know, are those fonts are still the exact same or have they changed?
Also, is it happening with all the PSD files or one specific file?
The fonts are still the same. The issue is happening with every PSD files but the size is changing consistently across the files. For example, font that was 24pt in different files is all becoming 13.44pt.
Could you please try creating a file on the new computer, then add some text and specify the size of the text, then save it as a .PSD and close Photoshop, then open that .PSD file again and see if the issue re-appears.
This is just a guess, but with a new MBP I suspect that the display is going to have a much higher resolution, and I wonder if Photoshop senses that and adjusts in Preferences > Units & Rulers?
Also think about UI scaling, and what rulers are set to. The latter for instance, can effect the way Actions work.
Do you still have the old computer to compare those settings?
Trevor.Dennis's response was able to lead me to the solution. These are the settings on the Units & Rulers page from my old computer
And this is the new:
The resolution was the same but I noticed the units were different. When I changed the units to match the old settings the problem was resolved. Thank you both for your help!
Thanks for the feedback. That is going to help other people going forward.